Saudi Arabia’s Industrial Growth Boosted by $3.19 Billion Investment
Saudi Arabia’s Industrial Development Fund has injected SR12 billion ($3.19 billion) into the industrial sector in 2024, according to Industry Minister Bandar Alkhorayef. This funding is part of an effort to enhance the Kingdom’s global competitiveness.
During the Budget Forum 2024, Alkhorayef emphasized the importance of financing, licenses, and infrastructure as key indicators of industrial growth. Over 1,100 licenses were issued, and 900 factories became operational this year.
The minister noted a significant rise in exports, increasing from SR458 billion in 2023 to SR528 billion, driven by non-traditional sectors. This reflects Saudi Arabia’s economic diversification beyond petrochemicals.
Alkhorayef also highlighted streamlined processes in the mining sector, where license processing times have been reduced significantly. The Kingdom aims to become a hub for mining services and technology, with the estimated mineral wealth now valued at $2.5 trillion.
The industrial and logistics sectors are seeing increased private and foreign investments, aligning with Vision 2030 to create a diversified economy.
Transport Sector’s Record Growth and Job Creation
Minister of Transport Saleh Al-Jasser reported a 17% growth in the transport sector over two years, with improvements in international logistics rankings and connectivity.
Notably, the aviation sector has expanded, with a 50% increase in destinations, while road safety has improved through national efforts.
Investments in the sector have surpassed SR447 billion, contributing to infrastructure development and job creation, with 122,000 new jobs added by the third quarter of the year.
Women’s participation in transport has risen to 29%, and local content in the sector has increased to 50%, moving towards a Vision 2030 target of 60%.
Technology Advancements in Saudi Arabia
Minister of Communications Abdullah Al-Swaha highlighted rapid advancements in the tech sector, driven by investments in AI and digital transformation.
Companies like Mozn and Amplify are leading AI innovations, positioning Saudi Arabia as a global tech leader. The next phase will focus on tech manufacturing and exports, supported by the National Program for Technology Development.
Al-Swaha emphasized the Kingdom’s commitment to building a competitive tech economy and invited tech professionals to join in this growth journey.
